A new report from the OECD says that the pace of tax reforms has slowed across most leading economies and that bolder tax reforms will be needed to address future challenges. Tax Policy Reforms 2019 describes the latest tax reforms across all OECD members, as well as Argentina, Indonesia and South Africa.

The report highlights the continuation of a trend toward corporate income tax rate cuts, but these rate reductions have been less significant than the ones introduced in 2018. The countries introducing the most significant rate cuts are those with the highest corporate income tax rates leading to further convergence in corporate income tax rates across countries.

Significant tax reform packages were introduced in the Netherlands, Lithuania, Australia, Italy and Poland. Other countries have introduced tax measures in a more piecemeal fashion.

The report highlights the challenges ahead, including the prospects of weakening economic growth in some countries, income and wealth inequality, the changing nature of work as well as climate change will require bolder tax reforms, implemented in conjunction with other structural reforms.